Piero Cipollone: The euro at 25: what next for Economic and Monetary Union?
We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
- We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
- Supply shocks, moreover, are found to pass through to all components of euro area inflation – producer prices, wages and core inflation, which has implications for monetary policy.